Earnings per Share

9 Months Ended

Sep. 30, 2023

The following table sets forth the computation of basic and diluted earnings per share using the two class method (in thousands, except per share data):


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Net income available to common shareholders	$	29,839	$	27,374	$	86,913	$	71,408
Less: earnings allocated to participating securities	(281)		(255)		(813)		(679)
Net earnings allocated to common shareholders	$	29,558	$	27,119	$	86,100	$	70,729

Distributed earnings allocated to common stock	$	10,554	$	9,564	$	29,744	$	27,220
Undistributed earnings allocated to common stock	19,004		17,555		56,356		43,509
Net earnings allocated to common shareholders	$	29,558	$	27,119	$	86,100	$	70,729

Average shares outstanding	14,922		14,776		14,906		14,878
Effect of dilutive securities:
Employee stock awards	23		24		22		23
Shares for diluted earnings per share	14,945		14,800		14,928		14,901

Basic earnings per share	$	1.98	$	1.84	$	5.78	$	4.75
Diluted earnings per share	$	1.98	$	1.83	$	5.77	$	4.75

Anti-dilutive options are not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares and therefore, the effect would have been anti-dilutive. Anti-dilutive options were not significant for any of the periods shown above.